Part 1 Money and Finance 貨幣と金融 Chapter 3 Financial Structure and Financial System 金融構造と金融システム

1. Part 1 Money and Finance 貨幣と金融Chapter 3 Financial Structure and Financial System　金融構造と金融システム Naotsugu HAYASHI 林 直嗣 Professor of Economics 経済学教授 Faculty of Business Administration 経営学部 Hosei University 法政大学

2. 1. Market Structure and Financial Structure 市場構造と金融構造 Market Structure市場構造 ＝Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly and other forms of competition 完全競争、独占的競争、寡占、独占など市場の競争形態 Financial Structure金融構造 ＝the structure characterized by the mechanism of fund allocation, the flow of funds 　　金融市場全体での資金配分の仕組みや資金の流れ方、金融機関の在り方など

3. 2. Flow and Stock フローとストック Flowフロー ＝a stream of financial transactions during a certain period. An amount of flow. For instance, the flow of money from January 1st to December 31st　一定期間に行われた取引の流れ、流量 　⇒described by Money Flow Table (Financial Transaction Table) マネーフロー表 （資金循環表） In the case of the transactions of real goods and services, flows are described by Profit and Loss Statement or Income Statement実物取引では損益計算書 Stock ストック＝a balance of financial assets or liabilities at a certain point of time. An amount of stock. For example, the balance of money as of December 31th 一時点における資産や負債の残高、貯蔵量 ⇒Financial Asset and Liability Table 金融資産負債残高表 Balance Sheet of Assets and Liabilities 実物取引では貸借対照表

4. 3. Real Assets and Financial Assets 実物資産と金融資産 Holding assets = Real assets + Financial assets 資産の保有＝実物資産＋金融資産 Real Assets = Tangible Fixed Assets 実物資産有形固定資産 ＝ land, factories, machinery and other physical assets 土地や工場、機械などの物的資産 Financial Assets 金融資産 ＝cash, deposits and securities 現金や預金、証券などの資金貸借上の資産 Sources of funds to buy assets 資産の資金源泉 ＝ net wealth (self fund) + financial liabilities (borrowed fund) 自己資金（正味資産）＋他人からの借入（金融負債） In the whole economy, financial assets = financial liabilities ⇒ real assets = net wealth 経済全体では金融資産＝金融負債ゆえ、実物資産＝正味資産

5. 4. Flow of Funds and Financial Surplus or Deficit 資金循環と資金過不足 Surplus Unit = An economic sector in which financial assets exceed financial liabilities in the flow of funds table, and thus net wealth exceed real assets 黒字主体＝金融資産が金融負債を上回る主体、正味資産が実物資産を上回る主体 Deficit Unit = an economic sector in which financial liabilities exceed financial assets in the flow of funds table 赤字主体＝金融資産が金融負債を下回る主体、正味資産が実物資産を下回る主体 ⇒This structure in the flow of funds is called the Structure of Financial Surplus and Deficit その構成を資金過不足構造、 Funds flow from surplus subjects to deficit subjects in the financial market 金融市場では資金は黒字主体から赤字主体に流れる

6. 5. Japan’s Structure of Financial Surplus or Deficit 日本の資金過不足構造 Corporate Business Sector 法人企業部門 ⇒had been insufficient of funds and a deficit unit in post-war period, because it had been making a great amount of equipment investment since the high-growth era. After the low-growth era, it increased liquidity on hand, but it was still in a deficit. 高度成長時代より旺盛な設備投資で資金不足、低成長時代には手許流動性が増大したが依然と赤字主体、近年はデフレでやや資金余剰 Private Individual Sector 個人部門 ⇒has been throughout a surplus unit since the high-growth era and a main supplier of funds 高度成長時代から今日まで一貫して資金過剰の黒字主体、資金供給の担い手

7. 5B. Japan’s Structure of Financial Surplus or Deficit 日本の資金過不足構造 Government (Public) Sector 政府(公共)部門 ⇒has been a deficit subject since the high-growth era and its deficit remarkably increased due to issuing the huge amount of national bonds after the first oil shock in 1973 高度成長時代から資金不足の赤字主体、石油ショック後は国債大量発行を契機に資金不足がさらに大幅化 Foreign Sector 海外部門 ⇒was a surplus subject and a supplier of funds due to Japan’s excess imports during the high-growth era, but became a deficit subject due to Japan’s excess exports after the late 60's. 高度成長時代には日本の入超を背景に資金不足、60年代末頃からは日本の出超・黒字基調が定着したために資金余剰

8. 5C. Japan’s Structure of Financial Surplus or Deficit 日本の資金過不足構造

9. 6. Indirect Finance Dominating System 間接金融優位方式 After the World War 2 in Japan, production capital was destructed, firms had not accumulated enough capital, securities markets had not developed sufficiently 　戦争で生産設備が破壊、企業の資本蓄積は不十分、証券市場も未発達 ⇒ commercial banks gathered small deposits from all over Japan and bundled them to finance indirectly to business companies 　　国民の零細預金を銀行が集計⇒企業へ間接金融 ⇒Indirect Finance Dominating System based on Main Bank System メインバンク制の間接金融優位方式 …similar to West Germany 西ドイツと類似

10. 6B. Indirect Finance Dominating System 間接金融優位方式 ⇒in the 80’s the progress of financial liberalization caused a retreat in indirect financing 80年代の金融自由化の進展で間接金融が後退、 ⇒the bubble economy promoted an increase in corporate equity financing in the late 80's. Business companies began to think direct financing increasingly important バブル時代はエクイティー・ファイナンスの増加で企業は直接金融を重視 At the same time, bank lending had surged and caused indirect financing to comeback 　　同時に銀行貸出の急増で、間接金融も盛り返した ⇒In the 90’s the bubble economy collapsed and a stock market slump became serious and direct financing detracted 90年代のバブル崩壊と証券不況で直接金融が後退

11. 7. Over-Borrowing オーバーボロウイング Over-Borrowing 過剰借入 ＝companies made massive amount of equipment investments significantly exceeding their savings during the high growth period in Japan, they raised massive amount of outside funds by indirect finance through banks 企業は高度成長期の旺盛な設備投資のため、 　　銀行を通じる間接金融で資金調達 ⇒As the Japanese economy shifted to a low growth period, investment chances decreased and their cash at hand increased, borrowings decreased significantly 　低成長期には投資機会の減少、手持ち資金の増大で 　　過剰借入は大幅に減少 bank loans / GDP was about 60 percent (about 40% in the U.S.) 　銀行借入／GDPは約60％（米では約40％）

12. 7B. Over-Borrowing オーバーボロウイング ⇒During the bubble period the ratio increased to about 150 percent temporally due to financial technology バブル期には財テクのため非常な過剰借入(一時GDP比150％も） ⇒After the bubble crashed and a huge amount of bad loans were brought about, excessive borrowing reduced and the ratio of bank borrowings to GDP decreased to about 100 percent 　　バブル崩壊で大量の不良債権 銀行借入／GDPは約100％へ低下

13. 8. Over-Loan オーバーローン Over-Loan過剰貸出 ＝banks lent excessively to firms in order to meet the strong corporate demand for investment funds the Bank of Japan lent excessively to banks in order to meet their strong demand 銀行は企業の旺盛な資金需要に応えて恒常的に与信超過、 日本銀行も日銀貸出で銀行へ恒常的に与信超過 ⇒in the low growth period, the dependence of companies on bank borrowing and the dependence of banks on BOJ borrowing decreased and the over loan also tended to decrease 低成長期には企業への銀行貸出も銀行への日銀貸出も低下し、解消へ

14. 8B. Over-Loan オーバーローン ⇒During the bubble, bank lending to companies surged due to financial technology and excessive loans revived again バブル期には財テクで企業への銀行貸出が激増し、非常な過剰貸出 ⇒In the 1990s, the bubble collapsed and a massive amount of bad loans were brought about to suppress over-loans バブル崩壊で大量の不良債権

15. 9. Unbalanced Distribution of Funds 資金偏在 During Japan‘s high growth period高度成長期 ⇒ city banks had been constantly lending significant amount of funds to companies ⇒ their financial position of lending and borrowing was negative ⇒都市銀行は企業に対し恒常的に与信超過⇒マイナスの資金ポジション regional and other banks had a positive financial position of lending and borrowing 　　地方銀行等は資金ポジションがプラス、都銀へ与信超過 ⇒ during the low growth period, this unbalanced distribution of funds also tended to decrease 低成長期には、都市銀行の与信超過が解消へ ⇒during the bubble period, this unbalanced distribution of funds also tended to increase バブル期には都銀の与信超過が再発

16. 10. Institution and System 制度とシステム Institution　　制度 　＝Rules and mechanisms that are determined by the laws of a state (ex. Financial institution) 国家の法律によって決められた規則や仕組み（例．金融制度） System システム ＝rules and mechanisms that include those both determined and not determined by the laws of a state (ex. Financial system) 　　必ずしも法律によらない規則や仕組みも含めた体系（例．金融システム）

17. 11. Monetary Institution and Issuing Institution 貨幣制度と発券制度 Legal Tender 法定貨幣 ＝a good that is determined as a medium of indirect exchange and given a power of compulsory circulation by a state 国家が間接交換の媒介物としてある特定の財を定め、 　　それに強制通用力を与えたもの Monetary Institution 貨幣制度 ＝an institution of money that is determined by a law of a state monetary unit, types of money, mintage right, issuing rule, and etc. 国家が法律で定めた貨幣に関する制度、 貨幣単位、貨幣の種類、造幣権、発行規則など

18. 11B. Monetary Institution and Issuing Institution 貨幣制度と発券制度 Issuing Institution 発券制度＝rules of issuing money and paper money 貨幣や紙幣を発行する際の規則 Paper money is issued by the BPJ. Coin (auxiliary hard money) is issued only to the BOJ by the government, and therefore the circulation of coins is determined by the BOJ 　　日本では紙幣は日本銀行、貨幣（補助硬貨）は政府が発行する Paper money is made by the National Printing Office and coins are made by the National Mint, both of which are national agency 造幣は造幣局、国立印刷局（ともに独立行政法人）

19. 12. Standard System, Gold Standard and Silver Standard 本位制度、金本位制、銀本位制 Standard Money 本位貨幣＝ the most fundamental money that plays a role of measure of value各種貨幣の中で価値尺度となる基礎的な貨幣 Standard System 本位制度＝ the system that determines standard money, silver standard and gold standard本位貨幣を定める貨幣制度、銀本位制、金本位制 Gold Money Standard 金貨本位制＝ gold money is freely coined and abolished and such gold money is adopted as standard money and circulated自由鋳造や自由廃幣を認められた金貨が本位貨幣となる制度 Gold Bullion Standard 金地金本位制＝ gold bullion is bought and sold only for international settlements between states国際決済のためにのみ通貨当局が金地金で決済をする制度 Gold Exchange Standard 金為替本位制＝ one state adopts gold standard and the other states determine their own monetary unit on the basis of that monetary unit linking to gold standard indirectly through that state金本位制を採用する外国の貨幣単位を基準とし、自国の貨幣単位を定め、間接的に金にリンクする制度

20. 13. Managed Currency System 管理通貨制度 Managed Currency System 管理通貨制 　＝a monetary system that the monetary authority does not determine certain goods as standard money and determines discretionally the amount of issuing money 本位貨幣として特定の財を定めずに、貨幣の発行量を通貨当局が裁量的に決定する制度 free standard or paper money standard 自由本位制とか紙幣本位制ともいう ⇒it can easily achieve domestic equilibrium, but it tends to contradict to international equilibrium 国内均衡を達成しやすい反面、国際均衡とはぶつかる

21. 14. Banking System 銀行制度 Bank 銀行＝ financial institutions that take deposits and lend them and play a role of credit creation 預金を受け入れ貸出をする金融機関で、信用創造機能を持つ Banking Institution 銀行制度＝Rules that determine banks’ organizations, business, services, etc. by law 銀行の組織や分業の在り方などを法律で定めたもの Specialization Principle 分業銀行主義＝ each bank is specialized in one kind of financing business一種類の金融を専業とする制度、 a separation of short-term from long-term financing, a separation of ordinary banking from trust banking, a separation of medium- and small-sized business finance from ordinary finance, and a separation of banking from securities dealers長短分離、信託分離、中小分離、銀証分離 Simultaneous Operation Principle 兼営銀行主義＝ each bank can do more than two kinds of financing business複数の種類の金融を兼業できる制度、 universal banking ユニバーサル・バンキング

22. 15. Branch Banking System and Single Banking System 支店銀行制度と単一銀行制度 Branch Banking System 支店銀行制度 ＝a banking system that banks can hold a large number of branches throughout the country …UK, Japan, Canada 比較的に少数の銀行が全国各地に支店をもてる制度 イギリス、日本、カナダ Single Banking System 単一銀行制度 ＝a banking system that a bank has only single branch and there exist many single banks in each region …The US adopted single banking system on the basis of MacFadden Law that prohibited interstate banking business 各地方に単一の銀行が多数存在する制度、 アメリカでは州際業務を禁止したマクファーデン法

23. 16. Financial System 金融制度 Financial System 金融制度 ＝a system that is related to finance whole including monetary institutions and banking system 貨幣制度や銀行制度を含む金融全般の制度 Japan adopted a branch banking system under the influence of the UK, but based on the experience of the financial crisis in 1930s, Japan adopted specialization banking principle 　 日本ではイギリスの影響で支店銀行制度を取ってきたが、金融恐慌の経験を踏まえ、アメリカの影響で分業銀行主義、業務分野規制 Separation of Banks from Securities Companies 銀証分離 ＝ based on the Securities Transaction Act 戦後の証券取引法に基づいて銀行と証券との分離 a similar US Banking Act of 1933, Glass-Steagall Act, Germany adopted universal banking system アメリカのグラス・スティーガル法（1933年銀行法） ドイツでは、兼営銀行主義、ユニバーサル・バンキング

24. 17. Business Field Regulation and Financial System Reform 業務分野規制と金融制度改革 　＝Regulations that separated financial organizations according to their type or field of business 金融機関の業態による分離を定めた規制 ⇒unsuitable to the new age of financial liberalization and internationalization金融自由化・国際化の時代には適さない ⇒the Reform Act of Finance and Securities in 1993 金融制度改革法 ＝allowed each business type to enter other type of business by using its subsidiary 各業態が子会社を通じて他業態にも参入できる方式 Subsidiary Method by Business Type 業態別子会社方式 ＝Canadian method カナダ方式 ⇒Financial Big Bang in 1998 introduced a financial holding company system and promoted further liberalization. 1998年金融ビッグバンでは金融持株会社方式が導入され、さらに自由化

25. 18. Regulation and Liberalization of Interest Rates 金利規制と金利自由化 Artificial Low Interest Rate Policy 人為的低金利政策 ＝In postwar Japan, the Bank of Japan pegged artificially interest rates to a very low level according to the Special Act of Interest Rate Adjustment in 1947 and supplied abundant amount of cheap growth money 戦後は臨時金利調整法に基づいて人為的に金利を抑え、安価で豊富な成長通貨を供給 In the US, Regulation Q regulated almost all interest rates 　アメリカ⇒レギュレーションQによって同様の金利規制、 ⇒as part of financial liberalization, deregulation was promoted and interest rates were liberalized in 1980’s 80年代に金融自由化の一環として規制緩和が進み、金利自由化が行われた

26. 19. Foreign Exchange Control System and Liberalization 外国為替管理制度と為替自由化 Foreign Exchange Control System 外国為替管理制度 ＝the Foreign Exchange and Foreign Trade Control Law and the Foreign Capital Act were enacted, and prohibited in principle and imposed various restrictions on free international trades and capital movement 　　戦後は外国為替および貿易や資本の自由な国際取引を原則禁止 the protectionism of backward capitalism 後発資本主義国の保護主義 ⇒development of international trade and increase in international capital movement , the shift to a floating exchange rate system in 1973 貿易の発展、国際資本移動の活発化 、73年変動為替相場制への移行 ⇒Liberalization of International Trade and Capital Movement, Liberalization of Foreign Exchange in 1980 貿易自由化、資本自由化、1980年には外為法改正で為替自由化 ⇒Complete Liberalization of Foreign Exchange by Revision of the Foreign Exchange Act in 1998 1998年外為法改正で為替の完全自由化